3 Habits that will bring you business success

At a live event I attended last month, one of the topics was mindset, which is something I find very interesting and much needed for entrepreneurs. We all have a vision of where we want to be and then we get in our own way of getting there. I started to think about the habits I have, and questioned them to see if they are helping me reach my own vision or hindering me.

Here are some positive habits you may want to incorporate into your business and life to help set yourself up for success:

1. Cultivating an attitude of experimentation

You may find trying to discover a solution is at times frustrating. Instead, get in the habit of experimenting with a solution and observing the results. Make a decision to continue to stick with a particular solution over a period of time, like a Facebook advertising campaign or blogging twice a week. If it works…great! If not, don’t be dismayed. Simply tweak it and try again. Don’t expect perfection on your first attempt or you will likely be disappointed and prematurely diagnose it as a failure.

Failure is good – it gives us feedback.

It’s okay to change your mind, but try sticking with it for enough time before giving up. Learn from your experiments. Plan, strategize, and measure your results.

2. Look at your numbers regularly to know what’s working and what’s not.

Vow to know more about two numbers – your time and your money.

It’s so important to know where your time and money are going, and if they are bringing you a satisfactory return.

This could mean tracking your time for a week, and then putting it into categories. Yes, it sounds so bland but I have had clients do this and be thoroughly amazed at the time they spend absentmindedly on social media or emails. You want more than 50% of your time being spent solely on revenue generating activities. Remember, being busy all day long doesn’t necessarily bring success, nor does it mean you are being productive.

For money, you want to be aware of your revenue/sales AND your expenses. Online, people talk a lot about their revenue, but it doesn’t mean much to have a 10k month or a 6-figure year when you aren’t making much of a profit over time (or in the big picture). How much money went out the door to generate that 10k in revenue? Personally, I would rather focus on having a sustainable and profitable business (for myself and my clients). There are other numbers you want to be looking at too, but you want to begin with knowing exactly where your money is coming from and going to.

You may need outside support to make the most of your time and money. This could mean hiring a bookkeeper to regularly update your financials and provide weekly reports. It could mean hiring a Virtual Assistant who helps with admin or social media. It could mean seeking out a mentor, who helps you see where you’re stuck or how you could streamline your systems or create focused marketing plans… how to make the most of your time and money.

Time and money are investments. To make good decisions, you need the numbers/facts.

3. Take action, but balance it with self-care.

If you’re in it for the long haul, growing your business is a marathon, not a sprint. It requires a lot of blood, sweat and sometimes a few tears. There are times when you have an increased pace (like a launch), but you can’t expect yourself to maintain that. You need time to recharge which in the end will fuel your focus and creativity. Aren’t you building your business for now, but also one year or five years from now?

Here are some basics to incorporate:

Good nutrition – I am guilty of working, and then realizing I haven’t had a proper lunch. I suddenly notice I am starving! Eating healthy foods throughout the day will help you make better decisions, have more focus and maximize your time.

Sleep – I love my work and often feel inspired late at night, but I have to shut off the computer and step away or I won’t be as productive the next day. Give yourself a break between staring at the computer screen and bed time. Also, if you have ideas coming to you – keep a notebook and pen beside your bed. I used to creep out of bed, go downstairs and turn on the computer, but that’s a habit that wasn’t serving me.

Try to schedule downtime for fun, and time with the people who mean the most to you in your life.

After the 3-day business event, I made time to talk for a long time with a friend on the phone. I also made sure I could sleep in and have a slow day, go out for dinner with my mom, and have fun time with my son before rushing back into work. When I was back at home and back to business, I was motivated and productive, and really ready to rock out the rest of 2013.

You are the CEO of your life and your business.

What habits do you need to ditch? What habits do you want to develop to have a sustainable and profitable business? Let me know in the comments below.